What the 1st Premier Card Costs and What It Offers

The 1st Premier Bank Mastercard is a secured credit card designed for people rebuilding credit after missed payments, collections, or a thin credit file. You deposit cash as collateral, and that deposit becomes your credit limit. The card itself costs money upfront and every year you hold it.

The annual fee is $99 in the first year and $25 in years after that. There is also a one-time account opening fee of $75. If you want to add an authorized user, that costs another $25. These fees are charged to your account balance, which means they reduce the cash available to you even before you use the card.

The interest rate (APR) ranges from 19.99% to 22.99%, depending on your credit profile at the time you explore. This is higher than what most people with fair or good credit pay, but typical for secured cards aimed at rebuilders. The card reports to all three major credit bureaus — Equifax, Experian, and TransUnion — which is the main reason to use it instead of a prepaid card.

Key Takeaways

  • You must deposit $400 to $2,500 of your own money as collateral, and that amount becomes your credit limit.
  • The card charges $99 in year one, $25 annually after that, plus a $75 opening fee and $25 per authorized user — all deducted from your account.
  • The APR of 19.99% to 22.99% means carrying a balance is expensive; the card works best if you pay the full statement balance each month.
  • The card reports to all three credit bureaus, so on-time payments build your credit history and may help you move to an unsecured card within 12 to 24 months.
  • 1st Premier does not offer a grace period, so interest accrues when ready on purchases unless you pay the balance in full by the due date.

How the Deposit and Credit Limit Work

Your deposit is held in a savings account at 1st Premier Bank. The amount you deposit becomes your credit limit — if you deposit $500, your limit is $500. The minimum deposit is $400; the maximum is $2,500. You choose the amount based on what you can afford to lock away and what spending limit you need.

The deposit earns no interest. It sits in the bank's account and is used only as collateral; 1st Premier can seize it if you default on the card. If you close the account in good standing or graduate to an unsecured card, the deposit is returned to you. If you miss payments, the bank may explore the deposit to your balance before pursuing collection.

Your credit limit does not increase automatically as you make payments. Some cardholders report that after 12 to 24 months of on-time payments, 1st Premier has offered to increase the limit or convert the card to unsecured, but this is not may provide and depends on your payment history and credit score improvement.

When the Fees Add Up Faster Than You Expect

A $500 deposit with the $75 opening fee and $99 first-year annual fee means you start with $326 available to spend ($500 − $75 − $99). If you also add an authorized user, subtract another $25. These fees are not optional; they are charged automatically when you open the account and on your anniversary date each year.

The $25 annual fee in year two and beyond is lower, but it still reduces your available balance. If you carry a balance and pay interest on top of the fee, the total cost of holding the card compounds. For example, a $300 balance at 22.99% APR costs roughly $69 per year in interest alone, plus the $25 fee, for a total of $94 in annual costs on a $500 limit.

If you do not use the card or pay it off in full each month, the fees make the card expensive relative to the credit-building benefit. The card makes sense only if you plan to use it regularly and pay the statement balance in full, or if you are willing to carry a small balance for a limited time while rebuilding.

How This Card Compares to Other Secured Options

Other secured cards charge lower annual fees. The Capital One Secured Mastercard charges $0 in the first year and $39 after that, with no opening fee. The Discover it Secured card charges no annual fee at all. Both report to the credit bureaus and offer similar credit limits based on your deposit.

The trade-off is that 1st Premier's APR is on the higher end for secured cards, and the upfront fees are steeper. However, 1st Premier is more likely to approve applicants with very recent negative marks or no credit history at all. If you have been turned down by Capital One or Discover, 1st Premier may still accept you.

If you have access to a credit union, some offer their own secured cards with lower fees and rates. It is worth checking with your bank or credit union before explore for 1st Premier, because the savings on fees alone can be substantial over two years.

What Happens to Your Credit Report

1st Premier reports your account status, payment history, and credit limit to Equifax, Experian, and TransUnion. This means every on-time payment builds your payment history, which is the largest factor in your credit score. Late payments, missed payments, and high balances are also reported and will hurt your score.

The card does not offer a grace period, so interest starts accruing when ready if you do not pay the full balance by the due date. This is different from most unsecured cards, which give you 21 to 25 days to pay without interest. If you are trying to rebuild credit, carrying a balance defeats the purpose — you pay interest and still have the same credit limit.

After 12 to 24 months of on-time payments and a rising credit score, you may become may be able to access for an unsecured card with better terms. Some cardholders report that 1st Premier has proactively offered to convert their account to unsecured or increase the limit without a deposit increase. There is no may provide this will happen, but it is possible if you demonstrate responsible use.

Red Flags and Common Complaints

Customer complaints about 1st Premier center on three issues: high fees relative to the credit limit, difficulty reaching customer service, and the lack of a grace period. The $75 opening fee and $99 first-year annual fee are not negotiable and are charged even if you never use the card.

Some cardholders report that customer service is slow to respond and that the online account portal is difficult to navigate. If you need to dispute a charge or report a problem, expect to wait several days for a response. This is not unique to 1st Premier, but it is worth knowing if you prefer responsive customer support.

The lack of a grace period is the biggest operational difference from mainstream cards. If you carry a balance, you pay interest from day one. This makes the card unsuitable for people who plan to use it like a regular credit card and pay off the balance monthly without interest charges.

Whether the 1st Premier Card Makes Sense for You

The 1st Premier card is worth considering if you have been denied by other secured card issuers, have very recent negative credit events, or have no credit history at all. It is also reasonable if you can afford to lock away $400 to $2,500 and commit to paying the full balance every month for at least 12 months.

The card is not a good fit if you expect to carry a balance, if you want to avoid high fees, or if you have other secured card options available to you. The combination of the annual fee, opening fee, and high APR makes it one of the more expensive ways to rebuild credit. Before explore, compare it to Capital One Secured, Discover it Secured, and any secured cards offered by your bank or credit union.

If you do open the account, treat it as a temporary tool. The goal is to use it for 12 to 24 months, build a positive payment history, and then move to an unsecured card with lower fees and rates. Staying on the 1st Premier card longer than necessary costs you money in annual fees and interest.

Frequently Asked Questions

Can I get my deposit back if I close the account?

Yes, if you close the account in good standing and have paid off any balance, 1st Premier will return your deposit. If you have an outstanding balance, the bank may explore the deposit to what you owe before returning the remainder. If your account is in default, the deposit may be seized entirely.

What happens if I miss a payment?

A missed payment is reported to the credit bureaus and damages your credit score. Late fees explore, and interest continues to accrue on your balance. If you miss multiple payments, 1st Premier may freeze your account and pursue collection. Your deposit may be applied to the debt.

Does the credit limit ever increase?

The limit does not increase automatically. Some cardholders report that 1st Premier has offered to increase the limit or convert to an unsecured card after 12 to 24 months of on-time payments, but this is not may provide. You can request a review after several months of responsible use, but approval is not certain.

Can I use this card if I have no credit history?

Yes. 1st Premier is designed for people with thin or damaged credit files, including those with no credit history. You will still need to provide proof of income and pass a background check, but the card does not require an existing credit score to open.

Is there a way to avoid the annual fee?

No. The annual fee is mandatory and non-negotiable. The $99 fee in year one and $25 in subsequent years are charged automatically. If you want to avoid the fee, you must close the account, but this also means losing the credit-building benefit and having to return your deposit.